Average income of first-time buyers hits new record high

The average first-time buyer mortgage on existing properties now stands at €258,802, with the average for new properties up €30,000 to €315,000 compared to last year

In Dublin and Kildare the average income for first-time buyers is now over €100,000. Picture: Gareth Fuller/PA

The average income of a first-time buyer household has grown to a record high of €82,000 while at the same time their average mortgage drawdown has increased by €20,000 to €270,000, a new report from the Banking and Payments Federation (BPFI) shows.

During the first six months of this year, the average income of first-time buyer households looking to purchase an existing property rose by €4,000 to €75,000 a year compared to the same period in 2022. For those buyers looking at a new build, the average income is now €93,000 — up €7,000.